The price of the major cryptocurrency Bitcoin has fallen nearly 4% over the past seven days, erasing most of the gains from the $49,500 low on August 5.
Current Market Condition
The current decrease in Bitcoin's price has raised concerns in the market. At the time of writing, Bitcoin is trading at $56,820.
Analysts' Predictions
Despite market expectations for a swift recovery and new all-time highs, analysts believe that Bitcoin may face further corrections. Popular analyst Michael Van de Poppe also suggested a possible drop to $53,000 or even $49,000 before an upward bounce occurs.
Markus Thielen's Opinion
Founder of 10x Research Markus Thielen claims that Bitcoin's price could drop below $50,000. In his recent analysis, he mentioned that the current correction has led to a fall below the ascending trend line of the asymmetrical triangle.
Analysts continue to express concerns about the current drop in Bitcoin's price, predicting possible further adjustments before the market begins to recover.
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